Navneet Srivastava, former Chief Executive Officer of the Chandigarh Renewable Energy and Science & Technology Promotion Society (CREST), has been arrested by the Central Bureau of Investigation (CBI).
Srivastava is a 2014 batch Indian Forest Service (IFoS) officer. CREST is a Chandigarh UT administration body established to promote renewable energy and science and technology initiatives within the Union territory.
The arrest happed after an investigation revealing that nearly Rs 75 crore was fraudulently siphoned from its bank accounts into shell companies and allegedly partially diverted to a private firm where his wife and a close relative are directors.
He was produced before the Special Judge of the CBI in Chandigarh and remanded to three days of police custody.
The making of Fraud
According to the CBI, funds were allegedly misappropriated from three CREST accounts maintained with IDFC Bank in Chandigarh during the tenure of Srivastava. This money was then routed through various shell companies and diverted for personal use by the beneficiaries. Further investigation revealed that some of the proceeds of crime allegedly ended up in the account of a private company whose directors include Srivastava's wife and a close relative.
Srivastava's arrest follows the earlier detention of two other CREST officials involved in the same case: Sukhwinder Singh Abrol, who served as project director, and Sahil Kukkar, an accountant. Both have been charged and are currently in judicial custody.
The CBI recently filed its first charge sheet against 13 accused. These include five officials of a private bank, two public servants of CREST, two shell entities along with their partners and directors, and one private individual. All 13 are currently in judicial custody.
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